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2011 Vermont Code
Title 08 Banking and Insurance
Chapter 151 CONTINUING CARE RETIREMENT COMMUNITIES
§ 8009 Reserve requirements


8 VT Stats § 8009. (2011 through Adj Sess) What's This?

§ 8009. Reserve requirements

A provider shall maintain a reserve fund equal to annual principal and interest payments on all debt or 15 percent of annual operating expenses, whichever is greater. The department may require that these funds be placed in an escrow account, or other similarly secure investment where the funds are protected. The department shall approve any withdrawal or borrowing from these funds, and shall monitor repayment. (Added 1987, No. 247 (Adj. Sess.), { 1.)

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